FX Energy, Inc.
FX Energy Reports Log Results in the Kromolice-1 Well
reported results of the logs on the Kromolice-1 well in western Poland.
The logs from the well indicate a net pay of between 50 and 65 meters.
Porosity in the well is from 11% to 22%. Permeability is from 0.1 mD to 33
David Pierce, president of FX Energy, stated, “The pay thickness in this
well is bigger than we expected. Obviously, we are excited about this
discovery based upon what we have seen from the drill stem tests and logs
of the well. More work is needed before we can determine how meaningful
this discovery is. We will continue to provide additional information on
the Kromolice-1 well as it becomes available.”
The Polish Oil and Gas Company owns 51% of the well and is the operator.
FX Energy owns 49%.
A conference call to discuss the Company’s second quarter 2008 financial
and operating results will be held at 4:30 p.m. Eastern on Thursday, August
7, 2008. The call will also include a discussion of the Company’s current
operations. The call will be hosted by David Pierce, FX Energy’s president
and CEO and Clay Newton, VP of Finance. Financial and operating results
will be released on August 7, 2008, prior to the call.
Conference call information is as follows: Dial-In-Number: 800-289-0572 International: 913-312-1513 Request: FX Energy, Inc. Conference Call
The call will also be webcast live and interested parties may access the
webcast through FX Energy’s homepage at www.fxenergy.com. A rebroadcast
will also be available through the Company’s website. For those that are
unable to participate in the live call, a rebroadcast will be available for
two weeks beginning one hour after the completion of the call.
Replay Number: 888-203-1112 Replay International: 719-457-0820 Digital Passcode for both domestic and international: 6707724
About FX Energy
FX Energy is an independent oil and gas exploration and production company
with production in the US and Poland. The Company’s main exploration
activity is focused on Poland’s Permian Basin where the gas-bearing
Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore
England. The Company trades on the NASDAQ Global Market under the symbol
FXEN. Website www.fxenergy.com.
This report contains forward-looking statements. Forward-looking statements
are not guarantees. For example, exploration, drilling, development,
construction or other projects or operations may be subject to the
successful completion of technical work; environmental, governmental or
partner approvals; equipment availability, or other things that are or may
be beyond the control of the Company. Operations that are anticipated,
planned or scheduled may be changed, delayed, take longer than expected,
fail to accomplish intended results, or not take place at all.
In carrying out exploration it is necessary to identify and evaluate risks
and potential rewards. This identification and evaluation is informed by
science but remains inherently uncertain. Subsurface features that appear
to be possible traps may not exist at all, may be smaller than interpreted,
may not contain hydrocarbons, may not contain the quantity or quality
estimated, or may have reservoir conditions that do not allow adequate
recovery to render a discovery commercial or profitable. Forward-looking
statements about the size, potential or likelihood of discovery with
respect to exploration targets are certainly not guarantees of discovery or
of the actual presence or recoverability of hydrocarbons, or of the ability
to produce in commercial or profitable quantities. Estimates of potential
typically do not take into account all the risks of drilling and completion
nor do they take into account the fact that hydrocarbon volumes are never
100% recoverable. Such estimates are part of the complex process of trying
to measure and evaluate risk and reward in an uncertain industry.
Forward-looking statements are subject to risks and uncertainties outside
FX Energy’s control. Actual events or results may differ materially from
the forward-looking statements. For a discussion of additional
contingencies and uncertainties to which information respecting future
events is subject, see FX Energy’s SEC reports or visit FX Energy’s website
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